In the second round of public comments on the Ontario Securities Commission’s (OSC) proposed whistleblower program (Program), stakeholders expressed continued concerns that the Program, as outlined in OSC Policy 15-601 Whistleblower Program (Policy), would undermine internal reporting mechanisms and also expressed concerns about the amount and structure of the award payment. The proposal to allow certain categories of individuals to…

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act). Among other things, Bill C-15 will give a new authority to the Canada Deposit Insurance Corporation (CDIC) to bail-in certain liabilities of Canada’s…

As the next step in its effort to improve the proxy voting infrastructure and vote reconciliation process, the Canadian Securities Administrators (CSA) has published CSA Multilateral Staff Notice 54-304 Final Report on Review of the Proxy Voting Infrastructure and Request for Comments on Proposed Meeting Vote Reconciliation Protocols (Final Report). The proposed vote reconciliation protocols (Proposed Protocols) included in the…

Effective June 30, 2016, issuers will have to report prospectus-exempt distributions that settle on or after that date in any Canadian jurisdiction using a new, harmonized Form 45-106F1 (New Form), with significantly increased information requirements. Also effective June 30, 2016, annual exempt distribution trade reporting by investment funds will change from a financial year to a calendar year basis. The…

In the five months since the federal Liberal government took office, it has remained largely silent on the future of the cooperative capital markets regulatory system (Cooperative System), even as Alberta and Quebec maintain their opposition. The federal government’s silence is increasingly prompting questions about whether it will continue to work with participating provinces and territories to implement the Cooperative…

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015 federal election after nearly a decade with the Conservative party in power. The Liberals were elected on a platform that included promises to provide tax…

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s federal regulator of financial institutions, recently issued Guideline E-22 – Margin Requirements for Non-Centrally Cleared Derivatives (Guideline). The Guideline requires the mandatory exchange of margin for non-centrally cleared derivatives transactions (NCCDs). A draft of the Guideline was published by OSFI on October 19, 2015, and the final Guideline reflects many…

On February 25, 2016, the Canadian Securities Administrators (CSA) published final amendments to the rules governing early warning reporting in Canada (Final Amendments). The Final Amendments were released concurrently with the final amendments to Canada’s take-over bid rules, which are discussed in our February 2016 Blakes Bulletin: Finish Line in Sight: New Take-Over Bid Rules are Coming. The Final Amendments…